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REGISTERED NUMBER: SC536420 (Scotland)















Unaudited Financial Statements for the Year Ended 31 July 2023

for

GLWood Ltd

GLWood Ltd (Registered number: SC536420)






Contents of the Financial Statements
for the Year Ended 31 July 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GLWood Ltd

Company Information
for the Year Ended 31 July 2023







DIRECTORS: Paul H Whyte
Steven Murray





SECRETARY: E M Whyte





REGISTERED OFFICE: 1st Floor
9000 Academy Business Park
Gower Street
Glasgow
G51 1PR





REGISTERED NUMBER: SC536420 (Scotland)





ACCOUNTANTS: Stevenson & Kyles
Chartered Accountants
25 Sandyford Place
Glasgow
G3 7NG

GLWood Ltd (Registered number: SC536420)

Balance Sheet
31 July 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 118,851 20,777

CURRENT ASSETS
Debtors 5 1,300,156 1,134,808
Cash at bank 974,506 396,884
2,274,662 1,531,692
CREDITORS
Amounts falling due within one year 6 349,082 222,729
NET CURRENT ASSETS 1,925,580 1,308,963
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,044,431

1,329,740

CREDITORS
Amounts falling due after more than one
year

7

(78,013

)

-

PROVISIONS FOR LIABILITIES 8 (7,612 ) (3,505 )
NET ASSETS 1,958,806 1,326,235

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 1,958,706 1,326,135
SHAREHOLDERS' FUNDS 1,958,806 1,326,235

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

GLWood Ltd (Registered number: SC536420)

Balance Sheet - continued
31 July 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 February 2024 and were signed on its behalf by:




Paul H Whyte - Director



Steven Murray - Director


GLWood Ltd (Registered number: SC536420)

Notes to the Financial Statements
for the Year Ended 31 July 2023

1. STATUTORY INFORMATION

GLWood Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold improvements - 15% on reducing balance
Fittings and equipment - 15% on reducing balance
Motor vehicles - 15% on reducing balance
Computer equipment - 25% on cost

Financial instruments
Basic financial instruments, including debtors and creditors with no stated interest rate and receivable or payable within one year, are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


GLWood Ltd (Registered number: SC536420)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Grant income
Where applicable, grants from the government are recognised at their fair value where there is a reasonable assurance that the grant will be received and that the company will comply with all attached conditions. Where the grant income relates to a particular expense item, the grant income is recognised in the profit and loss account over the same period as the expense it is intended to compensate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2022 - 16 ) .

GLWood Ltd (Registered number: SC536420)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

4. TANGIBLE FIXED ASSETS
Fittings
Leasehold and Motor Computer
improvements equipment vehicles equipment Totals
£    £    £    £    £   
COST
At 1 August 2022 4,778 27,754 - 9,997 42,529
Additions - 15,134 105,395 - 120,529
At 31 July 2023 4,778 42,888 105,395 9,997 163,058
DEPRECIATION
At 1 August 2022 2,447 13,853 - 5,452 21,752
Charge for year 350 4,355 15,809 1,941 22,455
At 31 July 2023 2,797 18,208 15,809 7,393 44,207
NET BOOK VALUE
At 31 July 2023 1,981 24,680 89,586 2,604 118,851
At 31 July 2022 2,331 13,901 - 4,545 20,777

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 374,220 353,858
Other debtors 925,936 780,950
1,300,156 1,134,808

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 14,197 -
Trade creditors 17,873 12,454
Taxation and social security 305,880 206,138
Other creditors 11,132 4,137
349,082 222,729

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Hire purchase contracts 78,013 -

GLWood Ltd (Registered number: SC536420)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

8. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 7,612 3,505

Deferred
tax
£   
Balance at 1 August 2022 3,505
Provided during year 4,107
Balance at 31 July 2023 7,612

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
50 A Ordinary £1 50 50
25 B Ordinary £1 25 25
25 C Ordinary £1 25 25
100 100

10. ULTIMATE CONTROLLING PARTY

The company is 100% controlled by the two directors.